Exploring the costly implications of staff turnover and what you can do to prevent it.
In the ever-evolving landscape of healthcare, one critical challenge that organizations face is the timely and efficient filling of job vacancies. Not only can prolonged job vacancies hinder productivity, but they also come with a hefty price tag. Recent survey data from AKASA, a leading healthcare AI-tech company specializing in revenue management for health systems, sheds light on the escalating costs and extended timelines associated with job vacancies across different levels in the healthcare sector.
Entry-Level Talent (0-5 years):
For healthcare organizations seeking entry-level talent with 0-5 years of experience, the survey data reveals that, on average, it costs $2,167 to recruit suitable candidates. Moreover, the process of filling these roles takes an average of 84 days. The combination of recruitment expenses and the time it takes to fill the vacancies underscores the importance of reducing turnover.
Mid-Level Talent (6-10 years):
The survey data further indicates that recruiting mid-level talent with 6-10 years of experience incurs an average cost of $3,581. However, the challenge intensifies as these positions typically take an average of 153 days to fill. The prolonged timeline not only contributes to increased recruitment costs but also results in a prolonged gap in crucial roles within the organization.
Senior-Level Revenue Cycle Talent (10+ years):
At the senior level, where seasoned professionals with 10 or more years of experience are sought after, healthcare organizations face even greater financial implications. The survey data reveals that, on average, recruiting senior-level revenue cycle talent costs a substantial $5,699. Additionally, the time it takes to fill these critical roles extends to an average of 207 days. The prolonged vacancy at the senior level can significantly impact the strategic and operational aspects of the organization.
Implications of Prolonged Vacancies:
Financial Impact: The financial burden associated with recruiting at different levels is a considerable concern for healthcare organizations. These costs encompass advertising, recruitment agency fees, staff time, and other associated expenses.
Operational Disruptions: Prolonged job vacancies disrupt the day-to-day operations of healthcare organizations, affecting the overall efficiency and delivery of patient care services. Additionally, staff may be required to work overtime to cover the responsibilities of vacant positions.
Impact on Revenue Cycle Management: In the context of revenue cycle management, the absence of skilled professionals can lead to delays in billing and coding processes, potentially affecting the organization’s bottom line.
Addressing the Challenges:
Investing in Employee Retention: Retaining existing talent is as crucial as recruitment. Offering competitive benefits, professional development opportunities, and a positive work environment can contribute to higher employee retention rates. For example, providing your staff with autonomy in scheduling, fair shift allocation and improved communication, your staff will feel valued and more inclined to stay onboard.
Utilizing AI and Technology: Embracing AI and technology solutions, such as automated healthcare staff scheduling software offered by Momentum Scheduling, can enhance staff satisfaction and mitigate turnover.
In Conclusion, the rising costs and extended timelines associated with job vacancies in healthcare organizations present a multifaceted challenge. By understanding the specific costs at different levels and implementing strategic solutions, healthcare leaders can work towards minimizing the impact of job vacancies on their organizations, ensuring sustained operational efficiency and optimal patient care delivery.